How much money do you: Have in savings? Have invested? Have in real estate? How much in dept? How old are you?

Question

Sorry that it looks like such a personal question...I am trying to just figure out how good or bad I am doing financially. I am 44 and have worked since I was 13 and I thought I was doing ok until the last couple of years. It just seems like it is costing a lot more to live like I did just two years ago. I know I can't compare my income to people in CA or NY...just watching the new shows on HGTV on what the average home costs in those state has made me start to really worry about my financial future. I am self-employed and it's tough to say the least. Thanks to all who answer.

Answer 1

Maybe this will help.

http://www.census.gov/prod/2005pubs/p60-229.pdf

Answer 2

The issue is not really how you are doing financially compared to everyone else. It is whether or not you are making progress toward your financial goals. Comparing your finances to others can be very deceptive. There are so many variables:

+ income, past and present
+ how long the person has been working
+ whether spouse(s) have worked and how much they made
+ where the person lives
+ the person's financial situation when they began working (trust-fund baby or deep in debt with student loans)
+ the person's lifestyle
+ whether the person has kids
+ how much financial assistance the person receives from parents
+ whether the person has every been divorced

Start tracking your net worth (i.e. dollar value of what you own, less what you owe). Set goals for increasing your net worth each year, by increasing your assets and/or decreasing your liabilities.

Live on less than you make so you can save.

Try to determine how much you need to have saved to retire at a given age. Estimate any income (e.g. pension and social security) and compare that to how much you need to live on. How much will you need to have saved in 401(k), etc. to produce the difference between you financial needs and that income?

It's tough because forecasting these types of things means making a lot of assumptions, like:

+ how rapidly will your income increase
+ how much will your investments earn
+ what will the inflation rate be before and after you retire

Comparing yourself to how "average" people are doing is not much help because most people live on more than they make, carry as much debt as the credit card companies will let them have and invest little or nothing for long-term goals. Their only financial "plan" is playing the lottery. Instead focus on whether or not you are making progress toward your financial goals.

Good luck to you.

Answer 3

I have savings. I have money invested in several things. I have real estate in more than one place. Except for the payments on two vehicles and the mortgage on one property, I have no debt. I am 49 years old and worked hard to get to this point. But I don't feel it is any of your business just how much money is involved. Many sorries.

Answer 4

ok

I am 34
money market #1 3690
money market 2 1250
biz acct 7650
IRA 1 7500
IRA 2 35000
ING mutual fund 12550
fidelity ACCT 2750
etrade acct 11250
Real estate my home 185000
2nd home 125000
vehicle 2000 Nissan pathfinder (this is the key DO NOT BUY A NEW CAR)
credit card debt 550


debt student loan 21000 deferred for practically ever

Answer 5

I've been living on giant sub sandwiches for a couple of days now. I have 2/3 of one left still in the frig
My neighbors don't bother me (keep fingers crossed)
I don't have any pains.
My bills are paid.
The weather is cooling off.
How much money do I need when I have everything I want?
I am old enough to know better.

Answer 6

I have negative $98,000 in debt, invested in a lot of drugs and hookers, and I am 25 years old. Are you going to give me money for telling you my personal info?

Answer 7

that is a bit personal, don't ya think